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Denbury Resources Announces Third Quarter Results

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Denbury Resources Inc. (NYSE: DNR) ("Denbury" or the "Company") today announced its third quarter 2010 financial and operating results.

 

Third quarter 2010 net income was $29.1 million, or $0.07 per basic common share, as compared to net income of $26.9 million, or $0.11 per basic common share in the third quarter of 2009. Third quarter 2010 results included the following unusual or non-cash items:

  • non-cash losses on the change in fair value of derivatives of $41.9 million before taxes;
  • merger and other related expenses associated with the acquisition of Encore Acquisition Company (“Encore”) of $11.5 million before taxes; and
  • a non-cash reduction of depletion, depreciation, and amortization representing the cumulative effect of the Company's revised accounting policy for CO2 properties of $9.6 million before taxes.

Net income adjusted to exclude these three items would have been approximately $52.7 million, or $0.13 per basic common share in the third quarter of 2010, as compared to adjusted net income of $40.7 million, or $0.16 per basic common share in the prior year third quarter, after adjustments in the 2009 period for non-cash fair value commodity derivative losses (see the accompanying schedules for a reconciliation of “net income” as defined by generally accepted accounting principles (GAAP) to the non-GAAP measure “adjusted net income”). 

 

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